SUPPORT UPCOMING
After revisiting the Iran situation, and taking the cue from crude, the markets have turned south and are again nearing their 200 day SMA support levels at 1263 on the SPX. Those morning comments about volatility being mean reverting are also coming to fruition as today's SPY range is about $1.50 (equivalent to the range of the last four days) if one includes the premarket activity. NYSE internals (-700) however, aren't bad in light of the price action so we may get a bounce in the last hour. Traders may also want to cover shorts and square positions into the close.
posted by DAVID at
2:50 PM
2 Comments:
Have you looked into those 'double weight indices'?
For SPY --> SSO
QQQQ --> QLD
I know some mutual funds(profunds i think) tried something similar yrs ago but couldn't keep up w/the div., and the underlying itself very well.
I don't think the markets look that bad. I dunno. Tons of doom in the air. Those semis look to be in a trading range. Check out the positive divergences in SMH.
Post a Comment
Subscribe to Post Comments [Atom]
<< Home